Stocks extend winning streak to 3rd day; Sensex, Nifty gain nearly 1%

AgenciesUpdated: Monday, June 27, 2022, 04:30 PM IST
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Stocks extend winning streak to 3rd day; Sensex, Nifty gain nearly 1% | File pic

Benchmark stock indices rose for a third straight day on Monday on buying in IT, banking and FMCG shares triggered by gains in global equities following easing inflation concerns.

The 30-share BSE Sensex jumped 433.30 points or 0.82 per cent to settle at 53,161.28. During the day, it rallied 781.52 points or 1.48 per cent to 53,509.50.

The NSE Nifty also gained 132.80 points or 0.85 per cent to close above the 15,800 level at 15,832.05.

Among the Sensex pack, Larsen & Toubro, HCL Technologies, Infosys, Tech Mahindra, IndusInd Bank, Asian Paints, Bharti Airtel and Tata Steel were the biggest gainers.

On the other hand, Kotak Mahindra Bank, Reliance Industries Limited and Titan were the laggards.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended in the green following sharp gains in US markets on Friday.

Vinod Nair, Head of Research at Geojit Financial Services said, "Declining commodity prices have been lifting the exhausted domestic equity market during the recent sessions. Despite this positivity, the underlying fear of recession, tightening monetary policy and inflation can trigger the volatility going forward. A strong revival in the market can only be expected when the economy stabilises from these uncertainties and when FIIs turn net buyers"

European markets were also trading in the green in mid-session deals.

The Sensex had climbed 462.26 points or 0.88 per cent to settle at 52,727.98 on Friday. The Nifty gained 142.60 points or 0.92 per cent to settle at 15,699.25.

Meanwhile, international oil benchmark Brent crude dipped 0.13 per cent to USD 112.93 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,353.77 crore on Friday, as per exchange data.

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